Whitehouse Applauds Passage of Bipartisan Carbon Capture Technology Bill
RI companies poised to leverage expanded tax credits for technologies that reduce carbon emissions
Washington, D.C. – U.S. Senator Sheldon Whitehouse (D-RI) today announced that the FUTURE Act, his bipartisan bill to encourage technological innovation in carbon capture utilization and storage while reducing carbon pollution, passed both the Senate and House of Representatives as part of the bipartisan budget deal and was signed into law. The bill was also sponsored by U.S. Senators Heidi Heitkamp (D-ND), Shelley Moore Capito (R-WV), and John Barrasso (R-WY).
“This is a big win for our climate and the promising new carbon capture and utilization technologies looking to gain a foothold in the market,” said Whitehouse. “This bipartisan bill will help to clear a path for businesses in Rhode Island and around the country that turn carbon pollution into something useful. And it takes a key step forward in combatting climate change by putting a dollar value on reducing carbon pollution. I’m proud to have joined Senators Heitkamp, Barrasso, and Capito to find common ground.”
The bipartisan legislation aims to drive further development of carbon capture, utilization and storage technologies and processes—while also spurring adoption of low-carbon technologies to transform carbon pollution into useable products. A broad cross-section of utilities, coal companies, environmental groups, and labor organizations support the bill.
“We know that converting waste streams into products with value is a smart business model. Industries have grown around turning waste frying oil into biofuels and recycled bottles into furniture. Now, there are new opportunities to productively use excess carbon dioxide in agriculture and other industries. Senator Whitehouse’s bill will jumpstart this growing industry and create new jobs, while reducing carbon emissions,” said Lawrence Dressler, President of Rhode Island's Agcore Technologies, LLC, which has patented methods of eliminating carbon dioxide from waste gases that can be infused in water for the production of their high protein algae for both human and animal nutrition.
The FUTURE Act extends and expands a tax credit for projects that capture and then utilize or store carbon dioxide. In addition, the bill would help encourage the development of new technologies to remove carbon pollution directly from the atmosphere.
Whitehouse continues to reach across the aisle to find bipartisan energy solutions on climate change. Whitehouse helped secure infrastructure upgrades to Rhode Island ports to support the deployment of America’s first offshore wind farm off Block Island, RI. He has introduced legislation to put a fee on carbon, establishing a market incentive to reduce emissions while generating substantial revenue to be returned to the American people.
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